Lloyds Banking Group bins PPI

Scott Sinclair
clock

Lloyds Banking Group has stopped selling payment protection insurance (PPI) after declaring the product no longer "economical" for the business.

The group stopped selling the controversial product on loans, credit cards and mortgages on 23 July, although it will continue to service in-force policies. Lloyds confirmed the move following reports on consumer site MoneySavingExpert.com. The company lent its support to a legal challenge by Barclays in 2009 after the Competition Commission proposed a point-of-sale ban on PPI alongside other credit products. Barclays and Lloyds challenged the ruling on the grounds the Commission's investigation lacked enough evidence of mis-selling. A spokesperson for the bank says: "Lloyds dec...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Guardian launches two critical illness products

Guardian launches two critical illness products

Focus on cost and quality

Cameron Roberts
clock 08 June 2026 • 2 min read
Kevin Carr on AI: I don't think we've even seen the tip of the iceberg

Kevin Carr on AI: I don't think we've even seen the tip of the iceberg

'The technology is evolving faster than many of us can imagine'

Kevin Carr
clock 13 May 2026 • 4 min read
Life insurance: Complexity vs cost and the confidence gap

Life insurance: Complexity vs cost and the confidence gap

Complexity and uncertainty create frustration for consumers and operational drag for advisers

Kevin Carr
clock 30 April 2026 • 4 min read